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Rahul Bajaj, long-time chairman of the more-than-120-year-old Bajaj empire—best known for Bajaj Auto, one of the most valuable motorcycle firms globally, and Bajaj Finserv, its financial services arm—was a larger-than-life figure in Indian industry and public life. Famed for his probity, Bajaj twice served as president of the Confederation of Indian Industry, was an elected member of the Rajya Sabha (the upper house of Parliament), was awarded a Padma Bhushan (the third-highest civilian award), and was a fearless and outspoken public figure. His business career, which started in 1958 at the height of India's License Raj, in many ways charts the story of India's dramatic economic transformation over the decades.
During and after World War I, British businessmen made major inroads in political, administrative, and policymaking circles. In so doing, they forged a nexus of power, the business-state, that aligned the interests of big business with the state’s imperial aspirations. Well before the widespread acceptance of the concept of the national economy, there was a common understanding in London that what was good for British business, especially industry, was good for the economic health of the country and empire. The result was that after World War I, the state aggressively helped British commercial interests.